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Emerald Crypto | February 23, 2021
Litecoin (LTC) is a digital asset that new cryptocurrency investors and traders might consider adding to their portfolios. LTC is similar to Bitcoin in that its primary use is as a currency / payment processing network.
In fact Litecoin was one of the first Bitcoin forks. In the world of cryptos a hard fork occurs when a change in protocol results in the splitting off of a cryptocurrency into two separate entities.
As Coin Central's Alex Moskov put it, many look at Litecoin as the silver to Bitcoin's gold. LTC has a larger circulating supply and a lower price when compared to BTC:
Supply: BTC – 18.6M LTC – 66.5M
Price: BTC - $49,000 LTC - $179
Litecoin is both open source and peer-to-peer. When something is open source that means the developers make the software source code available to be viewed, modified, distributed and/or upgraded by anyone. Peer-to-peer (P2P) is a characteristic component of decentralization where transactions are managed through a distributed network of computers rather than through a centralized authority.
LTC is as much as four times faster than BTC and the network is capable of handling higher transaction volume due to more frequent block generation. The cost of transactions is also very low – according to their website near-zero cost payments to anyone in the world. The low transaction costs and the fact that it is available on all of the major exchanges make LTC a good choice for initiating deposits and trades.
Litecoin is currently the 8th largest cryptocurrency globally in terms of market cap ($11.9B) and is currently trading up over 38 percent since the beginning of 2021.
Two upcoming events could also bode well for Litecoin's market outlook. First, an upcoming code release in March will announce enhanced privacy features for LTC. Second, Spark (FLR) recently announced an airdrop for Litecoin holders.
As always readers are encouraged to do their own research and to come to their own conclusions but we think there is a good place for Litecoin is most cryptocurrency portfolios.
Originally published here